The Goal: A Process of Ongoing Improvement - 30th Anniversary Edition

Today we’re joined by Seth Kniep, the co-founder and CEO of Just One Dime, a coaching company for Amazon and e-commerce sellers. In his conversation with Eric, Seth talks about how he developed his business mindset around the teachings of Dave Ramsey and Robert Kiyosaki and how he managed to literally double a dime until he reached $400, simply by asking random people. He then proceeded to educate himself on selling on eBay and Amazon, eventually committing to the latter and making $1 million in just 12 months. Instead of living a lavish lifestyle, Seth reinvested his profits into the business by expanding to other products, thereby growing even more. As a side interest, he also started investing in real estate, where he learned what immense tax benefits there were to this industry, finding a way to legally protect the money he was making with his Amazon business. After touching on the importance of understanding the principles of accounting as a business owner, Seth talks about deciding to develop courses in addition to what he was already doing. In explaining his motivation for doing so, he gets into his love for teaching, wanting to make an impact, and truly building his brand as someone who helps others create wealth. He explains what prospective students can expect from the structure of the courses and his manner of coaching, and shares some strategies for scaling a coaching business and keeping your family life thriving when your business takes off.

TIME-STAMPED SHOW NOTES:

  • [00:41] Before we jump into today’s interview, please rate, review, and subscribe to the Leveling Up Podcast!
  • [00:45] Seth shares the incredible story behind the name, Just One Dime.
  • [01:19] How Seth’s philosophy relates to Dave Ramsey’s and Robert Kiyosaki's ideas.
  • [02:06] Hear how Seth sold his first e-commerce company for $35 on eBay.
  • [03:05] How he started doubling his dime and got up to $400 just by asking random people.
  • [03:51] Getting into Amazon FBA and using the $400 to start selling cremation urns.
  • [04:29] Making over $1 million in 12 months with the store and investing in real estate.
  • [05:34] Using his Amazon profits to buy new products and reinvest in the business.
  • [07:10] How investing in real estate can help you legally reduce your tax liability.
  • [09:16] The importance of developing your accounting knowledge and understanding it.
  • [10:40] The value of having a tax and wealth strategist to help you manage your money.
  • [11:08] Managing over $100 million in Amazon revenue and the big brands they work for.
  • [12:02] Learn how their model works for training other people to run Amazon businesses.
  • [14:37] More about their training program and what students can expect from the coaching.
  • [17:45] What it would cost to have an Amazon business set up and for you to be trained.
  • [19:02] Find out whether Seth ever has equity in some of the businesses they help build.
  • [19:34] Seth explains why he expanded to do courses in addition to e-commerce.
  • [22:40] The importance of creating videos and getting a team in scaling your coaching.
  • [24:50] Taking ownership of your issues before you can truly help others and grow a brand.
  • [25:34] How their team and coaches are structured in the coaching business.
  • [27:01] Seth shares why it is important to “date” your wife to keep the spark alive.
  • [29:19] Their family commitment to buying a property anytime they go somewhere new.
  • [31:02] Seth shares his favorite business tool and book and explains why.

Resources From The Interview:

  • Seth Kniep on LinkedIn
  • Seth Kniep Email
  • Just One Dime
  • Just One Dime Courses
  • Dave Ramsey
  • Tom Wheelwright
  • Robert Kiyosaki

  • Kevin Harrington on Twitter

  • Shark Tank

  • BMW

  • Front

  • Juno

  • Must-read book: The Goal

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